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Vinashin turmoil continues

Vinashin turmoil continues

Hanoi: The Vietnamese government has suspended the head of one of the country's largest state-owned enterprises for alleged mismanagement less than two months after he took office, state media said Monday. Tran Quang Vu, the chief executive officer of Vietnam Shipbuilding Industry Group (Vinashin), was suspended to allow an investigation into Vinashin's recent operations, the state-run newspaper Thanh Nien quoted Nguyen Xuan Phuc, head of the government office, as saying.?The suspension occurred less than a month after police arrested Vinashin chairman Pham Thanh Binh for alleged mismanagement that led the company to the brink of bankruptcy.?The government appointed Vu, the former chief executive officer of one of Vinashin's top subsidiaries, chief executive of Vinashin on July 1, but media reports said Nam Trieu Shipbuilding Industry Corporation also got into financial trouble under Vu's management.  [31/08/10]

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